India Offers USD 1 Billion for Far East Development in Russia: PM Modi

Prime Minister Narendra Modi on a two-day bilateral meet with the Russian President Vladimir Putin in Vladivostok in Russia offered to give USD 1 billion at the fifth Eastern Economic Forum (EEU) on Thursday.

Russian President Putin invited Prime Minister Modi to be the chief guest of the EEU.

The Indian PM said, India’s relation with Russia’s Far East is ages old. India had opened its first consulate in Vladivostok.

PM Modi said, Vladivostok received Indians with open arms when other foreigners were restricted in Soviet Russia.

He added, a credit of USD 1 billion will be offered by India for the development of Far East of Russia under the ‘Act East” policy which will improve the economic diplomacy.

PM Narendra Modi praised the Russian President Putin’s efforts in turning the frozen land to a favourable economic region for better future.